As the countdown continues for the highly-anticipated 2025 Australian Mortgage Awards, Australian Broker is catching up with previous winners to spotlight what sets them apart. Among the standout performers is Purple Circle Financial Services, which took home the coveted MyState Bank “Boutique Aggregator of the Year” award in 2024. Based in Perth, Purple Circle has redefined the aggregator model through a broker-owned structure that rewards performance with equity, and fuels loyalty and innovation. By blending cutting-edge technology adoption with personalized broker support and a culture rooted in collaboration, the firm has become a blueprint for sustainable success in an evolving lending landscape.
Australian Broker sat down with Michael Stephens, director at Purple Circle to hear his thoughts on Purple's success, tips and tricks for other aggregators (and brokers and lenders too), and his thoughts on the Australian loan market as we enter the back half of 2025.
The following article has been edited for grammar and clarity.
AB: What is the secret to Purple Circle's success? Why do you think the firm won? What can competitors learn from Purple Circle?
MS: The secret lies in Purple Circle’s unique broker-owned model, where brokers earn equity through loan volume, giving them a real stake in the aggregator’s success. This fosters loyalty, accountability and engagement unlike any traditional model. Combine that with a commitment to innovation and Purple Circle delivers not just tools, but transformation.
The firm won because the boutique ethos of quality over quantity, commitment to mentorship excellence and culture of collaboration over competition represent a future-focused approach that the industry needs. Competitors can learn that true differentiation doesn’t come from scale, but from empowering your people. Broker ownership, genuine mentorship and responsiveness matter more than mass.
AB: What kind of advice would you have for aggregators hoping to be recognized in the year ahead?
MS: Focus on real impact, not optics. Awards favour those who invest in broker growth, compliance, and community, not just headcount. Build initiatives that solve real problems and measure the outcomes. Stay nimble. Be willing to challenge traditional models, like offering equity or peer-led development. Finally, keep your values aligned with action. Ethics, innovation and support should be more than taglines.
AB: What are some of your best practices as an aggregator? What are you doing that others aren’t?
MS: One, share ownership. At Purple, brokers earn lifetime shares and dividends, aligning incentives. Second, tailor support by segment: NTIs get structured mentoring, while established brokers access strategy sessions and diversification coaching. Third, assist members. Brokers groups at Purple get white-label branding, lead gen, onboarding help and growth plans. Fourth, integrate technology. At Purple, we've had early adoption of tools, including Salestrekker 2.0, WebloanQ, open banking tools and AI compliance tracking. And fifth, we have a collaborative culture at Purple. Members help shape policies, panels and tech rollouts. That's rare in aggregator-land.
AB: What strategies or tips does Purple Circle offer brokers to grow their businesses? What about lenders?
MS: For brokers, we have "Circle of Influence" meetings and business coaching on scaling, automation and marketing. We also have diversification partnerships across asset, insurance, and commercial finance; and client success accelerator [workshops] with referral boosting and retention strategies.
For lenders, Purple offers access to a high-quality broker network where education, compliance and customer care are prioritized. We also offer co-development solutions based on broker feedback and market gaps.
